Legal Question in Real Estate Law in Florida

Land trust

If a property has a mortgage on it and the owner wants to put it in a land trust where the beneficiary lives in the home and is responsible for the mortgage, does the beneficiary have homestead exemption rights and can they write off the interest paid?


Asked on 8/23/07, 1:15 pm

1 Answer from Attorneys

Scott R. Jay Law Offices of Scott R. Jay

Re: Land trust

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

If the trust is properly written, the owner will not lose any benefits including the deductibility of his interest payments and the homestead deduction. To ensure you protect your benefits and savings, have a qualafied attorney prepare your trust instrument and then be sure to fund the trust by deeding the property to it.

Scott R. Jay, Esq.

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Answered on 8/24/07, 12:16 am


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